GOPRO

A GLOBAL MEDIA BRAND

Tell the Story Behind the Numbers

Table of Contents Recent Capital Markets Activity

Online Camera Market Overview

Company Considerations Share price performance Recent Corporate Actions (eg. M&A, news

announcements) Operating Performance Valuation

Executive Summary GoPro, the manufacturer of high definition personal capture devices, is rapidly

gaining market share in the digital capture market.

Current and future revenues will come from Virtuous Cycle People film content with social currency which is shared -> more people view content and are

then compelled to buy a GoPro which repeats

As a media platform it could have the ability to curate the best content and gain advertising/royalties etc.

The market seems very optimistic about GoPros media platform opportunity

which is at least 2-3 years from materialising. Based on our valuation analysis, the company is not trading on fundamentals:

Based on forecasts, a 5-year discounted cash flow model yields a per share valuation of $21.30 GoPro currently trades at $68.2 on NYSE an implied 3x market premium to the fundamental

DCF value Looking at a trading multiples valuation we see that GoPro has a 286% market premium on its P/

E multiple and an 88% premium on its EV/Sales It is far too early for long-term investors to be able to tell whether GoPro will have

staying power or will be out-competed by larger counterparts like Sony, Google, or Apple.

RECENT CAPITAL MARKETS ACTIVITY

Investor Sentiment Quotes We believe GoPro is an atypical consumer electronics

company, because it has successfully dierentiated through the content and engaging experiences it enables, not through the wearable capture device itself.(Citi)

One thing that surprised us is just how large and profitable

the company already is for a start-up. (Barclays) If their cameras continue to evolve, then narcissistic thrill

seekers might not be GoPro's ultimate market at all.

Investor Sentiment Quotes

It is far too early for long-term investors to be able to tell whether GoPro will have staying power or will be out-competed by larger counterparts like Sony, Google, or Apple.

The social media video sharing aspect to GoPro is an

interesting one, but far too early to consider it a viable revenue stream.

The commoditization of action cams is inevitable, decreasing

margins.

CAMERA MARKET OVERVIEW

Camera Market Overview GoPro is gaining market share in both the

camera and camcorder markets, with 27% and 5% share respectively.

The overall digital capture market has fallen by 44% - GoPro however has grown by 240%.

Revenue growth in APAC has been slow. US and EMEA have been strong

Camera market is trending towards the selfie culture

Camera & Camcorder Market Units shipped Comparison

Revenue by Geography (1000s)

GoPro Share of Camera & Camcorder market

0

50

100

150

200

0

1000

2000

3000

4000

5000

2011 2012 2013

Tota

l (10

00

s)

GoP

ro

GoPro total

0.0

500.0

1,000.0

2011 2012 2013 Americas EMEA APEC total

0.00%

1.00%

2.00%

3.00%

4.00%

5.00%

6.00%

0.00%

5.00%

10.00%

15.00%

20.00%

25.00%

30.00%

2011 2012 2013

Camera marke

t

Camco

rder m

arke

t

camcorder market camera Market

GoPro Market Overview GoPro is among the most viewed brands on

Youtube As a media platform it can curate the best

content and gain advertising/royalties etc Redbull is currently the leader in this genre

of branded marketing Partnerships such as Stratos jump

Only 36% of US have seen GoPro videos Youtube channel is consistently gaining in

views and subscribers

Have you seen GoPro branded content? (Citi)

Top performing channels in Outdoor activities & adventure sports category (m)

Gopro channel - # Subscribers and Uploaded video views. 2014

50%

36%

14%

No, and I have never heard of GoPro before,

Yes, I have seen GoPro content before, No, but I have heard of GoPro before,

875 720

534 340 232

redbull discovery gopro dcshoes xtreme vid

400 420 440 460 480 500 520 540 560

1.5 1.6 1.7 1.8 1.9 2

2.1 2.2 2.3

Up

load

ed v

ideo

vie

ws

(mil)

Sub

srci

ber

s (m

il)

subscribers Uploaded Video views

Competitive Landscape

Cameras Sony Garmin Polaroid Ion JVC Panasonic Drift

Online RedBull Discovery

Channel

Consumer iRobot Corp Lululemon

athletica Chipotle

Mexican Grill Michael Kors

Holdings Hain Celestial

Group Annies inc

COMPANY CONSIDERATIONS

Key Company Considerations Hardware will lead growth in near term Possible upside should media platform deliver (2016 expected)

Advertising opportunities Licensing (Getty images platform) Software and studio initiatives (investments in video editing) Secured deals with Virgin Atlantic, Microsoft Xbox and BMW iDrive

Current and future revenues will come from Virtuous Cycle People film content with social currency which is shared -> more people view

content and are then compelled to buy a GoPro which repeats Citi research suggests only 36% of US consumers have seen GoPro videos

suggesting the market still oers significant upside

Strong management team. Nicholas Woodman Highly regarded CEO, holds a majority stake Tony Bates hired just prior before IPO. Ex-Microsoft/Skype and former board

member of Youtube Jack Lazar Corporate development and general manager at QUALCOMM

Key Company Considerations Highly competitive market

Direct competitors are established and have the revenue and influence to gain back market share.

GoPro market share will fall as low end category growth increases. Action cameras will only be adopted by so many people.

Google glass style technology and better mobile phones will limit mainstream sales.

GoPro suggests mobile might actually be complementary so this is contentious.

Cool factor may not work on mainstream Consumer may rather just look at price and ease of use.

To break APAC market a lower cost unit needed which will depress margins

Likely product model similar to Apple Ipod touch/nano/shue Media will be dicult to monetize as they do not own content

Share Price Performance vs Competitors (Last 12 Months)

40

60

80

100

120

140

160

180

200

Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug

Pric

e in

dex

(re

-bas

ed S

epte

mb

er)

Garmin Sony Apple Netgear Nike Tesla UnderArmour

GPRO IPO 26/6/2014 Current date 12/09/2014

IPO Price - $24 High $70.9

Peer group growth- 8.4% GPRO growth 184.5%

GoPro Financial Forecasts

EBIT & Margin (14-18)

Sales & Growth (14-18)

1.3

1.7

2.0

2.3

2.8

36

27

18 17 17

0

5

10

15

20

25

30

35

40

-

0.5

1.0

1.5

2.0

2.5

3.0

2014E 2015E 2016E 2017E 2018E

Grow

th in

sales

Units sold (m

il)

Sales Growth (%)

134 170

201 235

275

11% 12%

13% 14%

15%

0%

2%

4%

6%

8%

10%

12%

14%

16%

0

50

100

150

200

250

300

2014E 2015E 2016E 2017E 2018E

EBIT m

argin

EBIT (1

000s)

EBIT EBIT Margin (%)

Lower cost units required to penetrate mass market eg. APAC

Sales growth should continue in near term due to strong market presence

Media Platform as Potential Catalyst Media Platform could prove lucrative if online viewership continues its growth The two main revenue sources we forecast for this business model is advertising and licensing GoPros demographic is 18-34 YO which is the most sought after from advertisers Based on a forecast 4 billion video views at $10 and 40,000 videos sold at $500, incremental $60

million annual revenues can be achieved from the media opportunity.

Revenues from licencing based on Getty images ($ millions) Average price per video ($)

100 200 500 1000 2500 5000 10,000 $1.00 $2.00 $5.00 $10.00 $25.00 $50.00 20,000 $2.00 $4.00 $10.00 $20.00 $50.00 $100.00 30,000 $3.00 $6.00 $15.00 $30.00 $75.00 $150.00

Number of videos sold 40,000 $4.00 $8.00 $20.00 $40.00 $100.00 $200.00 50,000 $5.00 $10.00 $25.00 $50.00 $125.00 $250.00 60,000 $6.00 $12.00 $30.00 $60.00 $150.00 $300.00

Revenues from advertising.($millions) Net revenue per 1000 views (CPM $ ) Avg

$6.00 $7.60 $8.00 $10.00 $12.00 $14.00 $16.00 1 $6.00 $7.60 $8.00 $10.00 $12.00 $14.00 $16.00 2 $12.00 $15.20 $16.00 $20.00 $24.00 $28.00 $32.00

Number of views 3 $18.00 $22.80 $24.00 $30.00 $36.00 $42.00 $48.00 Billions 4 $24.00 $30.40 $32.00 $40.00 $48.00 $56.00 $64.00

5 $30.00 $38.00 $40.00 $50.00 $60.00 $70.00 $80.00 6 $36.00 $45.60 $48.00 $60.00 $72.00 $84.00 $96.00 7 $42.00 $53.20 $56.00 $70.00 $84.00 $98.00 $112.00

Key Financial Metrics - Gearing Net Debt / EBITDA

Net Debt / (Cash) (1000s $)

12 69 56

-34

-194

-395

2013A 2014E 2015E 2016E 2017E 2018E

-0.03x

-0.63x

-1.11x

-1.46x

-1.81x

2013A 2014E 2015E 2016E 2017E

GoPros down payment of long standing debt of $53,315 using the proceeds of the IPO means its financing will become cash and equity based.

Key Financial Metrics - Liquidity

74 66 62 59 56 53 51

2012A 2013A 2014E 2015E 2016E 2017E 2018E

Payables Days

Receivables Days Inventory Days

134 129

124

130 134

138 141

2012A 2013A 2014E 2015E 2016E 2017E 2018E

98

72 78 82 81 86 88

2012A 2013A 2014E 2015E 2016E 2017E 2018E

The company overall has demonstrated positive liquidity management metrics since 2012 which is forecast to continue

Payables days has been falling but is forecast to rise

Receivables are expected to increase slightly

Headline Operational Metrics

0

500000

1000000

1500000

2000000

2500000

3000000

2011 2012 2013 2014 2015 2016 2017 2018

Americas EMEA APEC Total

R&D Spend

Net Profit ($m) and Margins (%) Sales Growth

0 20000 40000 60000 80000

2010 2011 2012 2013

$00

0s

91517 118893

140761 164652

192785 35% 38%

40% 42% 43%

0%

10%

20%

30%

40%

50%

0

50000

100000

150000

200000

250000

300000

2014E 2015E 2016E 2017E 2018E

Net income Profit Margin (%)

GoPro is showing robust growth, and has potential for this to continue, especially in the US

Profit margins are forecast to rise and meet the 40-42% margin target

R&D is growing as competition increases

Acquisition History

Announced Date Target Description Cost

March 30th 2011 CineForm Codec Software

$9.9 million

October 2013 GeneralThings Web development

(content management)

$2.9 million

Potential M&A Target -Fullscreen Buying out a network such as Fullscreen could accelerate the push

towards a full-scale content platform Headquarters

Culver City, California Founded Date

Jan 2011 No. Employees

>150 Geographic Mix

International Sales Channels

Youtube Product Overview

A network of content creators and brands on Youtube. Over 3 billion monthly views.

COMPANY VALUATION

Discounted Cash Flow Analysis Years 0 1 2 3 4 5 5

Financial Year (Dec. Year end) 2013 2014 2015 2016 2017 2018 Terminal Period Total Turnover 985,737 1,335,981 1,696,251 2,008,230 2,349,086 2,750,466 growth (%) 35.5% 27.0% 18.4% 17.0% 17.1% EBIT 98,703 101,450 201,151 295,247 412,150 521,674 margin (%) 10.0% 7.6% 11.9% 14.7% 17.5% 19.0% Depreciation & Amortisation 10,900.0 12,844.4 23,738.4 54,953.1 89,202.3 128,692.1 Tax @ 30.0% (29610.9) (30435.0) (60345.4) (88574.1) (123645.0) (156502.2) Capital Expenditure 18325.6 40079.4 101775.1 140576.1 187926.9 247541.9 Capex/Sales (%) -1.9% -3.0% -6.0% -7.0% -8.0% -9.0% Working Capital 32582.0 (87461.2) (40974.7) (23648.9) (24254.0) (40508.1) Working Capital / Sales (%) -3.3% 6.5% 2.4% 1.2% 1.0% 1.5% Free Cash Flow 94248.5 -43681.3 21794.5 97400.9 165526.3 205814.0 205814.0 Discount Factor 0.8939 0.7990 0.7142 0.6384 0.5707 0.5707 Terminal Value 4,520,624 Present Value -39045.96 17414.39 69567.25 105679.21 117456.78 2,579,892 Enterprise Value (m) 2,851 Net Debt as at 172.5 Market Capitalisation (m) 2,678 No. Shares (m) 126 Share Price ($) 21.30

Relative Valuation - Trading Competitor Market Cap Enterprise Value ($m) EV/Sales P/E

2014 2015 2016 2014 2015 2016

iRobot Corp 1076 880.44 1.6x 1.4x 1.2x 33.0x 25.8x 21.5x

Garmin Ltd 11026 8154 2.9x 2.8x 2.8x 19.1x 17.6x 16.5

Lululemon athletica 5644 4946 3.1x 2.8x 2.4x 19.9x 22.2x 18.6

Chipotle Mexican Grill 18414 18090 4.7x 4.1x 3.7x 47.9x 37.3x 31.9

Michael Kors Holdings 16589 15643 4.7x 3.7x 3.0x 25.2x 20.5x 17.3

Hain Celestial Group 4303 4927 2.3x 2.0x 1.9x 27.2x 23.2x 21.5

Annies inc 537 520 2.2x 1.9x 1.6x 35.0x 27.9x 27.8

Mean 3.1x 2.7x 2.4x 29.6x 24.9x 22.2x

Median 3.0x 2.8x 2.4x 27.2x 23.2x 21.5x

Gopro Implied Market Cap

Mean 3,931 4,359 4,590 1,916 3,462 4,564

Median 3,835 4,577 4,647 1,760 3,222 4,429

Current Market Cap 7400

Min 1,760

Max 4,647

Market Premium (%) 88% 70% 61% 286% 114% 62%

93% 62% 59% 321% 130% 67%

# of shares 126

Share price $31.26 $34.66 $36.50 $15.24 $27.53 $36.30

Valuation Commentary Based on above forecasts, a 5-year discounted cash flow model

yields a per share valuation of $21.30

GoPro currently trades at $68.2 on NYSE an implied 3.2x market premium to fundamental DCF value

Looking at a trading multiples valuation we see that GoPro has a 286% market premium on its P/E multiple and an 88% premium on its EV/Sales

Only 14% of total shares were floated, creating an implicit valuation premium an eect which may be eliminated if insiders such as CEO Woodman sell their shares

The market seems very optimistic about GoPro and is not trading

on fundamentals

APPENDIX

Income Statement GoPro Hist. Hist. Hist Proj. Proj. Proj. Proj. Proj. Income Statement 31-Dec-11 31-Dec-12 31-Dec-13 31-Dec-14 31-Dec-15 31-Dec-16 31-Dec-17 31-Dec-18

Net Sales 234,238.0 526,016.0 985,737.0 1,335,981.1 1,696,251.4 2,008,230.2 2,349,086.0 2,750,465.8 COGS 111,683 298,530 623,953 868,387.7 1,051,675.9 1,204,938.1 1,362,469.9 1,567,765.5 SG&A 83,776 173,869 263,081 366,143.5 443,424.3 508,045.2 574,466.3 661,026.3 EBIT 38,779.0 53,617.0 98,703.0 101,449.9 201,151.2 295,246.9 412,149.9 521,674.0

Depreciation 600.0 2,800.0 10,900.0 12,844.4 23,738.4 54,953.1 89,202.3 128,692.1 Amortization EBITDA 56,417.0 109,603.0 114,294.3 224,889.6 350,200.0 501,352.2 650,366.2

Non-recurring items 0.0 0.0 7,374.0 0.0 0.0 0.0 0.0 0.0 Interest Income 44 46 2 507.1 0.0 172.2 1,143.7 2,944.1 Interest Expense -32 -392 -6020 7,398.7 2,781.2 1,127.3 0.0 0.0 Profit before taxes 38,855.0 54,055.0 97,351.0 94,558.3 198,370.0 294,291.8 413,293.5 524,618.2

Taxes 14,179 20,948 30,751 29,868.8 59,511.0 88,287.5 123,988.1 157,385.5 Profit after tax 24,676.0 33,107.0 66,600.0 64,689.4 138,859.0 206,004.3 289,305.5 367,232.7 Discountinued Operations (Profit) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Net income 24,676.0 33,107.0 66,600.0 64,689.4 138,859.0 206,004.3 289,305.5 367,232.7

Shareholder information Diluted weighted average shares outstanding 125,745.0 125,745.0 125,745.0 125,745.0 125,745.0 125,745.0

Diluted earnings per share $0.73 $0.51 $1.10 $1.64 $2.30 $2.92

Dividends per share $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 Dividends 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Gross Margin 52.3% 43.2% 36.7% 35.0% 38.0% 40.0% 42.0% 43.0% EBIT Growth 38.3% 84.1% 2.8% 98.3% 46.8% 39.6% 26.6%

Balance sheet Balance Sheet Hist. Hist. Hist. Proj. Proj. Proj. Proj. Proj. 31-Dec-11 31-Dec-12 31-Dec-13 31-Dec-14 31-Dec-15 31-Dec-16 31-Dec-17 31-Dec-18 Cash and cash equivalents 36,485 101,410 0.0 0.0 34,439.8 194,290.4 394,539.0 Accounts receivable 80,197 122,669 173,677.5 220,512.7 261,069.9 305,381.2 357,560.6 Inventories 60,412 111,994 156,309.8 199,818.4 240,987.6 286,118.7 344,908.4 Prepaids 21,724 21,967 33,399.5 50,887.5 64,263.4 79,868.9 99,016.8 Total current assets 198,818.0 358,040.0 363,386.9 471,218.6 600,760.7 865,659.2 1,196,024.8

Net PP&E 22,440 32,111 59,346.0 137,382.7 223,005.7 321,730.3 440,580.1 Goodwill & Intangibles 8,449 17,365 17,365.0 17,365.0 17,365.0 17,365.0 17,365.0 Other intangibles 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Other assets 16,958 32,155 44,087.4 55,976.3 66,271.6 77,519.8 90,765.4 Total assets 246,665.0 439,671.0 484,185.3 681,942.6 907,403.1 1,282,274.3 1,744,735.3

Short term debt 15,782 60,297 16,052.4 56,364.9 0.0 0.0 0.0 Accounts payable and accruals 109,840.0 220,595.0 240,476.6 288,362.7 341,399.1 399,344.6 467,579.2 Accrued income taxes 3,578 19,702 19,116.1 38,087.0 56,504.0 79,352.4 100,726.7 Total current liabilities 129,200.0 300,594.0 275,645.1 382,814.7 397,903.2 478,697.0 568,305.9

Total long-term debt 113,613 53,315 53,315.0 0.0 0.0 0.0 0.0 Other long-term liabilities 6,455 13,930 18,703.7 23,747.5 28,115.2 32,887.2 38,506.5 Total liabilities 249,268.0 367,839.0 347,663.8 406,562.2 426,018.4 511,584.2 606,812.4

Common stock 77,617.0 91,716.0 91,716.0 91,716.0 91,716.0 91,716.0 91,716.0 Retained earnings (80,220.0) (19,884.0) 44,805.4 183,664.4 389,668.7 678,974.1 1,046,206.9 Treasury stock 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Total equity (2,603.0) 71,832.0 136,521.4 275,380.4 481,384.7 770,690.1 1,137,922.9 Total Liab.& Equity 246,665.0 439,671.0 484,185.3 681,942.6 907,403.1 1,282,274.3 1,744,735.3

Balance? OK OK OK OK OK OK OK

Cash Flow Statement GoPro Hist. Hist. Hist. Proj. Proj. Proj. Proj. Proj.

Cash Flow Statement 31-Dec-11 31-Dec-12 31-Dec-13 31-Dec-14 31-Dec-15 31-Dec-16 31-Dec-17 31-Dec-18

Net Income 24676 33107 66600 64689 138859 206004 289305 367233

Depreciation 2800 10900 12844 23738 54953 89202 128692

Amortisation 0 0 0 0 0 0 0

Change in OWC -48915 32582 -87461 -40975 -23649 -24254 -40508

Change in other assets -16958 -15197 -11932 -11889 -10295 -11248 -13246

Change in other liabilities 6455 7475 4774 5044 4368 4772 5619

Cash from Operating Activities -23511 102360 -17086 114778 231381 347777 447791

Capex 0 18326 40079 101775 140576 187927 247542

Cash from Investing Activities 0 -18326 -40079 -101775 -140576 -187927 -247542

Change in Common Stock 77617 14099 0 0 0 0 0

Change in Treasury Stock 0 0 0 0 0 0 0

Dividends 0 0 0 0 0 0 0

Long Term Debt Repayment 113613 -60298 0 -53315 0 0 0

Cash from Financing Activities 191230 -46199 0 -53315 0 0 0

Net Cash Flow 167719 37835 -57165 -40312 90805 159851 200249

Beginning Cash 41113 -16052 -56365 34440 194290

Ending Cash 41,113 -16052 -56365 34440 194290 394539

Financial Assumptions Hist. Hist. Hist. Proj. Proj. Proj. Proj. Proj.

31-Dec-11 31-Dec-12 31-Dec-13 31-Dec-14 31-Dec-15 31-Dec-16 31-Dec-17 31-Dec-18

Sales growth 124.6% 87.4% 35.5% 27.0% 18.4% 17.0% 17.1%

COGS as % of sales 47.7% 56.8% 63.3% 65.0% 62.0% 60.0% 58.0% 57.0%

Annual depr. as % of previous PPE 0.0% 0.0% 40.0% 40.0% 40.0% 40.0% 40.0%

SG&A as % of sales 35.8% 33.1% 26.7% 27.0% 27.0% 27.0% 27.0% 27.0%

Amortization of other intangibles amount 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Non-recurring items amount 0.0 0.0 7,374.0 0.0 0.0 0.0 0.0 0.0

Eective tax rate 36.5% 38.8% 31.6% 30.0% 30.0% 30.0% 30.0% 30.0%

Diluted weighted average shares outstanding 0.0 0.0 125,745.0 125,745.0 125,745.0 125,745.0 125,745.0 125,745.0

Dividend per share growth rate 0.0% 0.0% 0.0% 0.0% 0.0%

Accounts receivable as % of sales 0.0% 15.2% 12.4% 13.0% 13.0% 13.0% 13.0% 13.0%

Inventories % of COGS 0.0% 20.2% 17.9% 18.0% 19.0% 20.0% 21.0% 22.0%

Prepaids % of sales 0.0% 4.1% 2.2% 2.5% 3.0% 3.2% 3.4% 3.6%

Capital expenditures % of sales 0.0% 0.0% 1.9% 3.0% 6.0% 7.0% 8.0% 9.0%

Other assets % of sales 0.0% 3.2% 3.3% 3.3% 3.3% 3.3% 3.3% 3.3%

Accounts payable and accruals % of COGS 0.0% 20.9% 22.4% 18.0% 17.0% 17.0% 17.0% 17.0%

Accrued income taxes % of tax expense 0.0% 17.1% 64.1% 64.0% 64.0% 64.0% 64.0% 64.0%

Other long-term liabilities % of sales 0.0% 1.2% 1.4% 1.4% 1.4% 1.4% 1.4% 1.4%

Common stock amount 0.0 77,617.0 91,716.0 91,716.0 91,716.0 91,716.0 91,716.0 91,716.0

Share repurchases $ amount (show as positive) 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Loans due for repayment 0.0 0.0 0.0 53,315.0 0.0 0.0 0.0

Other long-term debt repayment 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Short term debt 4.00% 4.00% 4.00% 4.00% 4.00% 4.00% 4.00% 4.00%

Loans due for repayment 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00%

Other long-term debt repayment 4.00% 4.00% 4.00% 4.00% 4.00% 4.00% 4.00% 4.00%

Cash 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00%

Revenue forecasts

Revenue Growth 2011 2012a 2013a 2014e 2015e 2016e 2017e 2018e

Americas 86.5% 77.4% 30% 25% 20% 20% 20%

EMEA 207.0% 97.8% 40% 25% 15% 15% 15%

APEC 275.5% 115.1% 50% 40% 20% 10% 10%

Total 124.6% 87.4% 36% 27% 18% 17% 17%

Revenue Forecasts 2011 2012a 2013a 2014e 2015e 2016e 2017e 2018e

Americas 168,450 314,135 557,285 724,471 905,588 1,086,706 1,304,047 1,564,856

EMEA 51,328 157,587 311,674 436,344 545,430 627,244 721,331 829,530

APEC 14,460 54,294 116,778 175,167 245,234 294,281 323,709 356,079

Total 234,238 526,016 985,737 1,335,981 1,696,251 2,008,230 2,349,086 2,750,466

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